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S&P 500 reclaims the 4000 mark, as US equities record its best month since 2020

  • The three major US equity indices advanced between 0.97% and 1.88%.
  • A risk-on impulse since last Wednesday underpinned US equities, lifted by US corporate earnings of Amazon and Apple.
  • THE UNITED STATES Dollar Index fell below 106.000, as the US 10-year T-note yield finished around 2.654%.

US equities finished the week on an increased note, as Amazon and Apple soared as earnings from both companies exceeded analysts estimates following the US Federal Reserve hiked rates 75 bps in the week, spurring a rally that continued before end of the week/month.

The S&P 500 closed the week gaining 1.42%, at 4,130.28, as the tech-heavy Nasdaq rose 1.88%, around 12,390.69. Additionally, the Dow Jones Industrial followed suit and climbed 0.97%, finishing at 32,845.13.

Sector-wise, the best sectors are Energy, up by 4.51 %, accompanied by Consumer Discretionary and Industrials, each recording gains of 4.27% and 2%, respectively. The largest losers were Consumer Staples and Health, diving 0.72% and 0.35% each.

Shares fell because of Walmart cutting its earnings forecast, complaining about double-digit food prices and elevated energy prices. Additionally, the united states Federal Reserve monetary policy decision is looming, and Europes escalating energy crisis re-ignited recession fears amongst traders, which considered safe-haven assets, namely the greenback.

Global equities remain to trade positively, reflecting an upbeat sentiment. Data-wise, the united states Department of Commerce revealed that Junes Personal Consumption Expenditure rose 1% MoM, greater than 0.9% estimations. Annually based, edged higher by 6.8%, vs. 6.7% foreseen by analysts.

Late, the University of Michigan reported that Consumer Sentiment on its final reading for July beat expectations and rose 51.5. In exactly the same survey, inflation expectations for a 5-year horizon, from 2.8% (preliminary) to 2.9%, though significantly less than Junes readings.

For the time being, Fed speakers started to cross wires. The initial one was Atlantas Fed President Raphael Bostic, who said that the Fed will probably want to do more when it comes to interest-rate moves and added he will not think the united states is in a recession. For the time being, Christopher Waller said a soft landing is really a plausible outcome for the labor market in the years ahead.

Elsewhere, the united states Dollar Index (DXY), a measurement of the greenbacks value against some currencies, fell 0.67% to 105.828, as the 10-year US Treasury yield dropped two bps, yielding 2.654%.

In the commodities complex, WTI gained 1.95%, exchanging hands at $98.30 BPD. Meanwhile, gold and silver coins like gold (XAU/USD) increased by 0.78%, trading at $1764.00 a troy ounce.

SP 500 Chart

Key Technical Levels

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